Piping profits - a new report

Report comes out tomorrow

Few details are known about the murky and expansive networks of extractive companies’ and their subsidiaries. PWYP Norway has sought to shed light on this phenomenon by tracing and locating the subsidiaries of ten of the world’s biggest extractive companies, also calculating how many of these were incorporated in secrecy jurisdictions.

Secrecy jurisdictions facilitate illicit financial flows, to which the developing world loses US$1 trillion a year. The financial opacity created by the use of secrecy jurisdictions also undermines trust in markets and damages market efficiency.

Find out more about secrecy jurisdictions

PWYP Norway’s report will come out next week, and will reveal the answers to the following questions:

Of their survey of the world’s most powerful extractive companies…

• How many subsidiaries did the companies have?

• How many of these were located in secrecy jurisdictions?

• Which is the extractive industry’s favourite secrecy jurisdiction?

• Which extractive industry company was the most opaque?

• Which mining company was the most opaque?

This issue is of critical concern as natural resources have the potential to improve economic and social opportunities for hundreds of millions of people.

Visit PWYP Norway’s website